CommunityDevelopmentBanking-L is an active, free, ongoing e-mail discussion
resource. Since 1994, this list has served community development practitioners
including Credit Unions, Banks, CDCs, Loan Funds, trade associations,
regulators, governments and partner non-profits. The discussions have ranged
from the practical (construction, mortgage, and small business lending; job
opportunities, conferences, fundraising) to legislative (CRA, HMDA, and CDFI) to
the cutting edge (micro-loan funds, peer lending, local currency, targeting
social impact).

I received a call from a member of our Credit Union who has moved
out-of-town to manage a small non-profit. This non-profit has prudently
set aside an endowment of about $5MM. They would like to place 20% of the
funds in Community Investments, and have found nothing suitably
ground-level in SRI mutual funds.

Do you have any resources or community investment plans that might be of
interest? Send your ideas to me and I'll compile them for the list.

I received a call from a member of our Credit Union who has moved
out-of-town to manage a small non-profit. This non-profit has prudently
set aside an endowment of about $5MM. They would like to place 20% of the
funds in Community Investments, and have found nothing suitably
ground-level in SRI mutual funds.

Do you have any resources or community investment plans that might be of
interest? Send your ideas to me and I'll compile them for the list.

I would contact Shari Berenbach at the Calvert Foundation regarding their
community investment notes and other products aiming to invest funds in
community economic development projects. She can be reached
at: Shari.Berenbach@Calvert.com and (301) 951-4895.

Inasmuch as ye have done it unto one of the least of these my brethren,
ye have done unto me. Mat. 25:40

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From: "Cliff Rosenthal" <crosenthal@natfed.org>
obviously, we could suggest a portfolio of investments in CDCUs or through
the Federation.
It would be most helpful to know the constraints -- type of investments
contemplated, geographic area, limitations, etc.
Cliff

From: Becky Sherblom <beckys@mccd.org>
Working capital for other nonprofit organizations so that they do not have
a crisis whenever a grant or contract is a few days late in arriving.
We have two religious organizations that have given us $10,000 loans at 2%,
and that has made the difference in our cash flow so I don't have to worry
about each payroll date. Similarly, a local foundation has just designed a
PRI that will do working capital, up to $50,000 for up to 180 days, secured
with a signed contract that needs to reimburse or that has a check on its way.

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From: "Maryl Curran" <maryl@L4CD.com>
rudolph steiner foundationwww.rsfoundation.org
They make great investments in a wide rang of grass roots community ventures
across the US.

Also we do customized asset administration and program design for larger
accounts wherein we bundle together a range of solutions (sometimes
including our custom CI Note, sometimes not -- short discussion attached.).
I'd be happy to talk with them, or have them call me.

If they are interested, Partners for the Common Good (PCG) is a community
investment fund that places resources for socially motivated institutional
investors into a diverse portfolio of community investment opportunities
(including Alternatives Credit Union). PCG was actually created by an SRI
mutual fund/asset management firm (Christian Brothers Investment Services)
for the exclusive purpose of supporting community investments. PCG was
created in 1989 and is the oldest domestic Community Investor Pool in the
US. I would be happy to talk directly with them if they are interested. If
they are just screening opportunities at this point, they can fund more
information about PCG at our website at www.pcg21.org.

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From: Timothy Spilker <Tim_Spilker@sbk.com>
Mr. Myers -
Jennifer Tescher and Gordon Hellwig, colleagues here at ShoreBank, shared
your email regarding community investing options for nonprofit
organizations. It's wonderful that the organization you mentioned is so
committed to community investing - 20% is an outstanding target! I wanted
to add ShoreBank to the mix as a potential investment option, and tell you a
little about our work with nonprofit organizations.

You may be familiar with ShoreBank - we are a for-profit, FDIC insured
community development bank headquartered in Chicago with banks in Detroit,
Cleveland and the Pacific Northwest. Since our founding in 1973, we've
invested over $1 billion in underserved and low-income communities
nationwide, and over $225 million in just the last year alone. ShoreBank
has proved that a development bank can operate profitably for itself, it's
investors and it's depositors while focusing exclusively on development and
environmental lending.

Lesser known is ShoreBank's commitment to nonprofit organizations - we bank
over 250 nonprofits in Illinois and nationwide. Nonprofits bank with
ShoreBank because first, we offer market rate, cost effective products and
service designed with the needs of nonprofits in mind. Second, we provide
the value of our mission - banking with ShoreBank is a way for mission-based
organizations to invest in a way that's consistent with their values.
Deposits from nonprofits are used to directly support our lending, meaning
direct community impact without sacrificing return (through market rate
products) or risk (through FDIC insurance).

Specifically, we offer CDs with a variety of rates and terms, and for more
liquid accounts, competitively priced money market accounts. Additionally,
for larger, long-term investment balances (such as endowment dollars like
the ones you mentioned), our Chief Investment Officer, David Oser, can
create a customized fixed income investment portfolio based on your specific
needs. All of this while supporting community investing.

I'd be delighted to talk with you or the nonprofit you mention below about
investment options for nonprofit organizations here at ShoreBank, and to
answer any questions you might have. I have included a brief one-pager on
ShoreBank, a description of David's services, and a description of our
services for nonprofit organizations. Could we find a time to talk in more
detail? My number is (773) 420-4678, and my email is "tim_spilker@sbk.com."

Let me know - I hope to talk with you soon,

Tim Spilker

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From: "Chuck Karpf" <chuck@nepadd.com>

Bill
I have only recently become aware of this community development banking site
and service(s). I am a 25 year veteran of commercial banking that left the
industry 4 years ago. I have been working in community development work
including starting community low income credit unions here in Nebraska. I
helped to start the McPherson Community FCU in Tryon, NE and the Pioneer
Community FCU in Palisade, NE (the Tryon CU has been operating for 18 months
and the Palisade CU has just received it's charter). I am currently working
at Panhandle Area Development District, a regional development agency that
serves the 11 counties of the Nebraska Panhandle and am charged with
implementing an economic development loan fund as well as a regional housing
rehabilitation fund. In addition, a group that I work with is in the
process of obtaining a community low income credit union charter to be
located in Morrill, NE and serving Scotts Bluff and Sioux counties, the
Nebraska Rural Community Federal Credit Union.

My reasons for responding to your e-mail are 2 fold: 1) The community credit
union will be able to use non-member deposits when chartered (the NCUA
Austin Office thinks that will be in the 1st quarter of 2003); which, I
think, would be a socially responsible investment and 2) The economic
development loan fund and housing funds here at PADD may be of interest to
the investor. We are currently putting them together from CDBG funds, an
EDA grant, local matching funds from development districts and economic
development tax funds, and a 1% USDA Rural Development loan.

I also wanted to open a dialogue with you as I hope that the NRCFCU will
develop into something similar to the Alternatives CU. Thanks for taking
the time to look at this and (hopefully) respond.
Regards,
Chuck Karpf

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From: "Kathy Stearns" <Kathys@communitycapital.org>

Hi Bill:

Hope all is well with you and everyone at Alternatives.

Christina forwarded to me your email about a former CU Member who now
manages a small foundation and is interested in putting 20% of the assets
in a community development investment. I am very interested in seeing if
we could encourage him/her to invest in NCCA. As you well know we have a
financing fund (approaching $30 million) and we invest in a diverse group
of CDFIs throughout the country including credit unions, housing lenders,
microenterprise, facilities, rural, urban, etc. We have a strong balance
sheet and can provide extensive data about how their capital will be
strengthening CDFIs and, ultimately, benefiting disadvantaged communities.

If they would rather invest directly in local CDFIs we can provide
marketing, underwriting, and loan monitoring services to get their capital
out to CDFIs who can make effective use of it in their communities. While
they may be able to get a slightly higher return investing directly in
CDFIs, they would be taking the direct risk of each CDFI (and have the
transaction cost of each investment) both of which would be reduced if they
invested in NCCA. However, we are more than willing to craft a strategy
that works for them.

I am not sure what information you need or would like at this point, but
please let me know. We could really put an investment like this to use!

I strongly encourage you to check out the Calvert Community Investment
Notes (www.CalvertFoundation.org). Funds raised are then lent to
non-profits all across the country. Investors can even target their note
proceeds to a given region. Investors can choose one, three or five year
terms and can select interest rates from zero, one, two or three
percent. If you have the person call me, I can also advise them re: a
program we have, called the Community Investment Management Account, that
links the CI Note with a socially-screened money market fund, for added
convenience.

Of course, the organization is likely to spread its money across a few
places, and may want to park some of the funding in Community Development
Banks-- like Alternatives Federal Credit Union, Shorebank, Self-Help,
CityFirst, Shorebank Enterprise Pacific, Louisville Development
Corporation, Vermont Community Development Credit Union, Southern
Development Bankcorporation, just to name a few of the outstanding local
organizations seeking deposits. Or, for a modest fee, Calvert Foundation
can manage a portfolio of CD's into insured depositaries.

Bill:
I'm writing in regards to the non-profit you mention below that is seeking
a Community
Development investment option. Self-Help Credit Union is a Community
Development
Financial Institution with over 22 years of experience. We offer federally
insured and
market rate CDs and Money Market accounts that support our lending
efforts. Do you
think the non-profit you mention might be interested in making a deposit
with us and if
so how can I contact them?

Thanks - Al

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From: "Laurie Landeros" <lauriel@sbpac.com>

Bill,
I'd like to suggest ShoreBank Pacific's EcoDeposits program as an
option. We don't offer mutual funds - just FDIC insured deposit products
- but we're a community based bank with an environmental mission and
decent rates.
Thanks,
Laurie Landeros
EcoDeposits Manager
ShoreBank Pacificwww.eco-bank.com
(88 326-2265

They might look at some of the offerings of the Calvert
Foundation....either Community Notes or related programs...
You could contact Shari Berenbach, ED of Cal. Fdtn., to get more
specific suggestions: shari.berenbach@calvert.com
Best to you!
J.

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From: "Eric Bobby" <ebobby@cityki.com>

Hi Bill,

I hope you are well. When I saw this note, I thought of two things:
1) a potential investment in CityKi ($100K) - I can give you my
thoughts in detail if you think it's appropriate or interesting; and
2) Urban Edge here in Boston. Urban Edge has always impressed me and
has a reputation as being the leading CDC in Boston. I know the CEO
fairly well and their development officer, Pat Ford. Feel free to
contact Pat directly:

Would they be willing to invest directly with CDFI's who take investments,
or do they need more secure and liquid vehicles? If they wished to put a
portion of that 20% in such investments they can check with National
Community Capital's website
<www.communitycapital.htm>www.communitycapital.org to find a list of
potential CDFI's that meet their regional and/or mission interests and then
contact the CDFI's directly.

Yours,
Carla

P.S. thanks for all your work managing this listserve it is a valuable
resource.

May have something of interest. I am involved in a community loan fund that
serves the loan income population in Springfield, MA. The Fund is located in
Springfield's designated Enterprise Community and is presently looking to
raise additional funding. The Fund is a collaboration between the Black and
Latino communities and a local community development credit union. Please
advise as to what information I may provide to aid the process. I appreciate
any consideration.
Regards,
Glenn Davis, Loan Officer
Community FOCUS Loan Fund
756 State St., Springfield, MA 01109
413-739-7211 ext. 119
413-732-9364 faxglendvis@aol.com

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From: "Sharleen Williams" <williams@uhab.org>
Dear Mr. Myers,
My name is Sharleen Williams and I work for(UHAB)which is a non-profit
organization that deals with preserving the low-inome housing in the New
York city area. I'm a vista serving in this organization and I receive an
email form David Gurr of the CNS information your plans for non-profit so am
investigating because I want to know what are the requirement for an
organization to be consider for the funds.
Thanks
-Sharleen Williams
Member Service Specialist
UHAB-Urban Homesteading Assistance Board
120 Wall Street, New York, NY 10005williams@uhab.org
212-479-3318

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From: Jon Bishop <lfm@wccnica.org>

Dear Bill,

I am responding to your posting on Community Development banking. Have a
look at the Calvert Foundadtion <www.CalvertFoundation.org> to see
whether they offer something that might interest the credit union.

I manage an international community investment fund that might be of
interest if they are willing to consider individual funds. The fund is
the NICA Fund sponsored by the Wisconsin Coordinating Council on
Nicaragua <www.wccnica.org>. We take investments from socially
responsible investors in North America and lend the funds to microfinance
institutions in Nicaragua. We currently have a portfolio of $3.35 million
lent out to 10 Nicaraguan institutions. The minimum amount to invest is
$2,000. The interest rate is 0-3% for investments of $2,000 - $24,999
(the investor chooses the rate within this range), and 0-4% for
investments over $15,000. The minimum term is two years and the maximum
term is five years.

I hope that this i helpful. I would be happy to answer any questions or
provide more details. Thank you for your efforts in directing capital
towards community investing.

Hi Bill,
In response to your request for a likely mutual fund for your credit union
member and their non-profit's endowment, of course I would suggest the
community loan funds. Any of us in effect offer a form of mutual fund in
that the loans made to us are used to fund a number of different recipients
(borrowers). If they are uncomfortable going with individual funds try NCCA
or Calvert who then in turn invests in the loan funds. We at the
Cooperative Fund of New England can always use more loans as we stay pretty
lent out most of the time. Good luck and happy holidays

Bill, nothing spectacular but I am currently raising funds to support a
Bi-National Revolving Loan Fund to finance micro entrepreneurs on both
sides of our border in Arizona. We (PMHDC) are supporting three
microenterprise organizations in the three border communities in Mexico.
The Bi-National Revolving Loan Fund will help low-income Mexican
microentrepreneurs who want to import into the United States. The
Bi-National Loan Fund is taking investments now. These funds are intended
to help entrepreneurs who want to import or export and have not been able
because of NAFTA. (520) 806-9513

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Boston Community Capital is an enormously successful combination of loan
and equity funds, since 1985. I was on their original CLF loan
committee. They now have some banks lending them funds to use, as well as
the usual SR individuals, churches, etc. This past year BCC loaned about
$32MM for affordable housing etc. Their loan loss ratio is less than .5
percent! But of course they do not offer much interest to their
lenders. Contact Elyse Cherry, CEO, or Dick Jones, Pres. of BCLF
(division). Address: 56 Warren Street, Suite 300, Boston, MA 02119. Ph:
617-427-8600

University Bank offers a socially responsible bank account option. The non
profit could open up any type of account at University Bank (checking,
savings or CD) and designate their account deposits to our Urban
Revitalization Fund. The bank in turn uses the deposits in the URF to loan
money to support affordable housing, small businesses and non profit
organizations in economically challenged neighborhoods. The non profit
receives the same protections (FDIC insurance) as any other account.

David C. Reiling
President
University Bank
200 University Ave. W., St. Paul MN 55103
651-265-5627

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From: "Dorian Buckner" <dorianb@shasta.com>

Dear Mr. Myers:

I am the Funds Development person at FaithWORKs Community Coalition, Inc.
(FWCC) I received your e-mail from Al Pierce, a VISTA Coordinator here in
Redding, CA. I am very much interested in finding out how FaithWORKs
Community Coalition can benefit from your pre-established Community
Investment Program, and in how the organization can create its own Community
Investment Program, enlisting the financial contributions of multiple
organizations and agencies in Shasta County. One major project for which
FWCC is seeking funding for is the Family Transitional Housing Project
(FTHP). This project intends to provide shelter for homeless and
individuals and families, as well as to provide them with the human
resources needed in order to obtain self-sufficiency, i.e. Substance Abuse,
Mental Health, and Violent and Violent Behaviors counseling, financial
planning, nutrition, and parenting classes, as well as job skills and
retention courses.

FWCC will continue to network with other local social service agencies and
organizations, including the Shasta County Department of Social Services, to
deliver a comprehensive transitional housing program. The types of courses
and services offered are based upon what studies show most homeless people
are dealing with, as well as on FWCC's experience as providers of human
resources and services to the homeless and disadvantaged since 1996.
Another is the Redding Loaves and Fishes Food Program, that will help over
400 families to curtail the Cash Aid cuts of 2003, which will have a
dramatic impact on the income of the adults of many families, and thusly, on
the levels of food security for themselves and their loved ones.

The two aforementioned projects will have a significantly positive impact on
Shasta County, helping to undermine homelessness, poverty, and hunger, while
transforming lives with opportunities to become self-sufficient not only
through learned skills and crucial provisions, but with volunteer experience
at the Redding Loaves & Fishes food distribution center and at the FTHP.
However, projects of such grandeur, if they are to have a long-lasting,
long-term impact on the communities that they intend to improve, there must
be long-term financial support or investments, such as the Community
Investment program, which you proposed in your e-mail. Again, please let me
know how FWCC can benefit in terms of Funds Development from your Community
Investment program. This is something I've been thinking of for a while
now- or at least a similar concept, so I'd love to get in on this, if it
will help FWCC acquire the funds needed to administer its various programs
and projects to help the underserved populations of Shasta County. Thank
you very much for your consideration.

I saw your note on the community banking list-serve about the non-profit
seeking to invest 20% of its endowment in community investments -- and
having some problems finding the right vehicles.

You may have already been inundated with volunteers, but on behalf of the NH
Community Loan Fund, I'd be happy to toss our hat in the ring. We are now
in our twentieth year of investing in grassroots community efforts --
affordable housing (including a systems-changing effort to promote resident
cooperative ownership of manufactured housing parks), enterprise development
(including a micro-credit program), and community facilities lending, mostly
in childcare centers.

I'm eager to supply our annual report and more information to your colleague
and the organization he represents. Though we lend only within New
Hampshire, we have investments from around the country, from organizations
that recognize our good work.

A good resource to find information would be the
Social Investment Forum (SIF) website:www.socialinvest.org which provides good detail on
various social finance options.

There are some mutual funds that, while they do not
exclusively invest in local community based
investments, have a community investment component.
These include, and are not limited to, Calvert and
Parnassus Investments. The SIF website should provide
more detailed information and most likely a
comprehensive list of other such mutual funds.

Here are a few additional responses to the request from a non-profit
requesting assistance in identifying community investments.

Many were of the type, "This is my favorite community institution." There
were also a number of references to trade associations and
data and listing sources (Calvert Foundation appears several times). A few
were from Brokers.

Nancy Wasserman's comment is a good summary. "There is still no easily
accessible, broadly accepted vehicle that works for the industry."

We're investigating a Neighborhood retail opportunity in the Enterprise
Zone (EZ) where their some additional financial incentives are available.
Need an equity partner.

Our partnership has an exceptional 54 unit condo development
(rehabilitation) on the east side. Over 36 units are pre-sold. Need
construction financing. An equity partner would be helpful.

Also want to develop a small business resource center/incubator at a
prospective site in the EZ. Need an equity partner.

WE may receive donation of two (2) large tracks of railroad property (35
acres) in the EZ. Have two (2) prospective tenants or purchasers.

We will also have available New Markets Tax Credits for purchase by
banks/investors for eligible commercial projects in low and moderate income
areas (including the EZ) and throughout the Columbus MSA (six counties).
This will be a significant undertaking over the next five years.

Would like to discuss these opportunities with this party. Can you
arrange it?

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From: "Nancy Wasserman" <nwass@adelphia.net>

Bill,
Thanks for sending out all of the responses you received on the request re:
how to help a non-profit with an endowment that wants to do the right thing.

I was actively involved in community development finance before and as it
received the "CDFI" appelation. I am now a few steps removed but still
following the field. The responses lead me to the following observations
which may be of interest to leaders in the field...

1) The need for various funds to advertise their worthiness indicates that
there is still no easily accessible, broadly accepted vehicle that works
for the industry. While Calvert and Community Capital and NFCDCU are all
doing a great job, it seems that there remains a profound need for a
unified CD investment vehicle that lets Suzy Investor either invest a
portion of her assets in a CDFI mutual fund or lets her invest in existing
mutual funds with extra "brownie points" for CD investment - Kind of a
pro-active Sullivan Principles for communities. I know folks have been
talking about this for years. Clearly, a demand for its creation by the
investing public (as part of the response to Enron, etc.) would help make
it happen. Are there nonprofits and other institutional and private
investors willing to take the lead on this type of idea and generate larger
resources for the entire industry? Or will we continue to compete among
ourselves for the carefully considered investments of willing and dedicated
socially-minded investors??

2) The naivety of some of the responses to Bill (one of the industry's
great forefathers!) reflected a huge lack of knowledge about the history of
CDFI's and community development finance. Years ago, Martin Trimble and
Mark Pinsky talked about writing a CDF primer that would talk about the
long history of how communities addressed continuing needs for flexible
access to capital. It seems that still has not happened. As the current
wave of CDFI's practitioners reach 20, 25 and 30 years of operational
history and as we begin to lose some of our pioneers (e.g. Chuck Matthei)
we need to spend some time collecting the wisdom, telling the tales (as
opposed to the lessons) and honoring the vision of folks who got things
rolling.

What about Shorebank as an option. They are involved in neighborhood and
small business development in several cities and ecologically responsible
small businesses in the Pacific Northwest.. This has been a socially
responsible, community development bank since the early 1970s and insures
deposits up to $100,000 with the FDIC.amiller@stkate.edu

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Partners for the Common Good Loan Fund invests its capital waiting for
lending to borrowers, and its loan loss reserve funds in community
development banks and credit unions around the country. This can be a
source for the requestor.
Jeannine Jacokes
Washington, DC 20005jacokesj@peg21.org

Thanks, Bill, for being a channel of information!

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I represent the proposed Community of Hope FCU in Jamestown, NY, a
low-income, community development credit union expecting to get a charter
number within weeks. We have satisfactorily completed the application
process and await credit and criminal checks. We are not now ready to
accept deposits but will be VERY shortly. Perhaps this non-profit would be
interested in investing in a startup credit union in a city struggling with
a multitude of economic problems. Details could follow.
Thanks,
Maggie Monroe-Cassel <mem@madbbs.com>

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Hi Bill ...
About the non-profit that wants to put 20% of their endowment into
ground-level community investments ...
I suggest that you add to the list ... CDs from banks certified by the
Treasury Department as Community Development Financial Institutions
(CDFIs). While the returns from these CDs may not be spectacular during up
markets, these CDs produced safe and solid returns while the stock market
plummeted.

Louisville Community Development Bank is one of the certified CDFI
banks. In our case, deposits are used to fund developmental loans. Our
loans are geographically restricted to 12 distressed, inner city
neighborhoods. Our loans primarily go to businesses that will either
locate or expand in our neighborhoods, thereby creating much-needed jobs
for residents. Some of our loans also go for improving owner-occupied
housing in these neighborhoods.
We are the only bank in America that restricts its activities to
distressed neighborhoods. Thus, when your member's non-profit's funds are
loaned out, the non-profit is 100% guaranteed that their funds are being
used to improve conditions in poverty riddled neighborhoods.
How's that for a ground-level investment?
You can learn more about us from our website: www.morethanabank.com
Let me know if I can send you or CU member anything else.
Or call if you have any questions. I'm working from home until December
26th ... home number is 502-456-3399
Happy Holidays !!
Gary Gambrell <gambrell@insightbb.com>
Vice President
Louisville Community Development Bank

The Microenterprise Council of Maryland would have needs surrounding
building capacity for microenterprise development in Maryland although it
would be dependent on the expected return on investment, terms, etc.These
are our present funding goals.
1. We would like to be able to give approximately 10 organizations a year
operating grants of $75,000.
2.Some of our programs do lend money and could use loan funds that could be
accessible at a very low interest rate.
3. The Council itself seeks funding for program operations, and providing
training and technical assistance.

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Bill,
I'm sure our CDFI here in North Central PA -- like many others -- would
welcome a 5-10 year investment of $10,000- $100,000 at 3% interest, to add
to its revolving loan fund capital, to be re-lent to local microenterprises
and very small businesses. Such investments might be channeled through
National Community Capital, or invested directly in local loan funds. Since
I am an advocate of worker co-ops, my own favorites would be CDFIs that
support co-ops, e.g. Cooperative Loan Fund of New England, North Country
Development Fund.

Perhaps there is room for a socially responsible investment fund that
invests in stocks of majority worker-owned companies. (Instead of just
owning stock in their own company, employee-owners might more safely
diversify their holdings in a mutual fund that invests in worker-owned
firms, so long as that did not jeopardize their control of their own firm).

Or how about an equity capital fund that invests in worker co-ops? If I
knew of any, I would probably be willing to personally invest a small
portion of my own retirement funds in such entities. I bet there may be
thousands of others like myself who might be willing to do the same.

Safer investments, as you know, would be CDs of federally insured
depositories such as community development credit unions or progressive
banks like South Shore.

Hi Frank and all,
This sounds like something to be discussed at our GEO meeting this
Sunday! And perhaps within the pages of the next newsletter...on the worker
co-op list serve (Tim Huet was developing an analagous funding scheme when
we met last July).
cheers,
LEN KRIMERMAN <lenmvgeo@mindspring.com>

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As per Lyle Mitchell's posting on the co-op bus, have you considered
investing in the Northcountry Cooperative Development Fund? The fund "is a
cooperatively owned and operatied financial intermediary which exists to
act as a catalyst for the development and growth of cooperatives" asit says
on their newsletter. Their mission statement is "Investing in 'Economic
Democracy through Cooperative Enterprise."

NCDF has a better track record than most banks and exclusively lends money
to cooperatives.

The Office of the Comptroller of the Currency (OCC) recently published the
"2001 Directory of National Bank Community Development Investments." The
directory is an annotated list of investments that banks made under a
special authority the U.S. Congress granted them to make investments in
real estate, small businesses and other projects that benefit low- and
moderate-income people or in areas that a government agency has designated
for redevelopment. It's the authorization that allows banks to invest in
CDFIs and to purchase Low-Income Housing Tax Credits, for example.

This year's directory includes 121 investments made by thirty-five banks.
The projects they invested in received approximately $995 million in
funding from the banks and their community partners. Many activities
described in the directory are eligible to be considered positively as
qualified investments under the Community Reinvestment Act (CRA). Since
1965, the OCC has approved over 1,800 investments receiving $12.2 billion
of funding from national banks and their community development partners.

Mr. Myers,
You may be interested in the work that we do at Self-Help and you
would be able to designate how you want to money reinvested in
community development. If you would like to talk about some of the
projects or activities that we are doing in North Carolina and the
Piedmont Triad specifically, we could arrange a time to meet. Also,
you may check out the self-help.org website to see if we are a good
match. In addition the website, we could maybe work out some other
options for investment.